Nevada County picayune., 1887-12-14
JEFFERSON ON PAPER MONEY.

"l am sorry to see our loans be- gin at so eXorbitaut an interest. And yet even al that, you will soon be at the bottom of the loan-hag- We are an agricultural nation, Such an one employs it's sparings in the purchase, or improvement of land or stocks. The lendable money among them. is chiefly that of orphans and wards, in the hands of executors and guardians. and that which the farmer lays by till he has enough for the purchase in view. In such a nation there is one and one only, resource for loans, sufficient to carry them through the expenses of war; and that will always be sufficient, and in the power of an honest govern ment, punctual in the preserva- ton oflts faith. The fund l mean. is the mass of circulating coin. Every one knows, that although not literally, it is nearly true, that every paper dollar emitted ban ishes a silver one from the circn- lation. A nation, therefore, mak. ing it's purchases and payments with bills fitted for circulation, thrusts an equal sum of coin out of circulation."-JeffersOn's works, Vol. VI, P. 139.
 "In this way, 1 am not without hope, that this great, this sole re- source for loans in an agricultural country, might yet be recovered for the use of the nation during war; and, if obtained in perpctu- nm, it would always be sufficient to carry us through any war; pro vided, that in the interval between war and war. all the outstanding paper should be called in, coin be permitted to flow in again, and to hold the field of circulation until. another war should require it's yielding place again to the national medium" "-Jefftrson's works, Vol. VI, P. Al.
 Bank paper must be suppress ed, and the circulating medium must be restored tu the nation to whom It belongs. # is tue only fund upoa whieh they cda rely FOR LOANS; it Is the only resource which can never fail them, and it is an abundant one for every nec- essary purpose. Treasury bills. botOmed On tdres, bearing or not bearing interest, as may be found necessary, thrown into circulation will take the place of so much gold and silver, which last, when crow ded. will find an efflux into other countries, and thus keep the quan. tum of medium at its salutary lev. el l."-Jeffersons works, V. 6, D. 199.
 i've are now without any medi- um; and necessity, as well as patri. otism and confidence will make us eager to receive treasury notes. if founded On specific tarcs."-Jetier. son's works, Vol. VI, P. 3S2,
 But Congress could then have issued treasury notes, payable within a fixed period, and founded on specific tax, the proceeds of which, as they come in, should be exchangeable for the notes of that particular emission only. .'-Jefter- sons works, Vol. VI, P. 3S2.
 "Treasury notes of small as well as high denomination, hottomrd on a tax whicl, would redeem them in ten years, would place at our disposal the whole circulating me- drum of the United States: fund of credit sufficient to carry us through any probable length of war. ."-Jefferson's works, Vol. VI, P. 419.
 "In both cases, the truth IS, that capital may be produced by indus try, and accumulated by economy; but jugglers only propose 10 create it by legcrdemain tricks with pa per. '-,J effersOn's works, v. 6, D 24l.
 ''There is indeed cOnvenince in paper; it's easy transmission from one place to another. But this may be mainly supplied by bills of Exchange, so as to prevent any great displacement of actual coin. Two places trading tOgeth. CT balance their dealings, for the most part, by their mutual sup plies, and the debtor individuals of either may, instead of cash, re. init the bills of those who are cred itors in the same dealings; or may obtain them through some third place with which both have deal. ings. The cases would be rare where such bills could not be Ob. tained either directly or circuit ously, and too unimportant to the nation to overweight the train of evils flowing from paper circular i tiOn.-J efferson's works, V. 6, D 237. 1 And it is for this petty addition to the capi- tai of the nation, this minimum of one dollar, | ad ded to one hundred and thirty three and Il third, or three fourths per cent, that we are to give up our gold and silver medium, it's intrinsic solidtv, its universal value. and it's saving powers in time of war, and to sub stitute for it paper. with all its train of evis, moral, political and physical. which l vii! not pretend to enumerate. '--Jefierson' s works, Vol VI, F. 236.